Debt Collection Law Essentials
Collecting overdue payments can be a challenging and stressful task, but understanding the legal framework can make it easier and more efficient. This course will provide you with the essential knowledge of collections law to help you recover payments quickly and legally.
You’ll learn how to navigate the Fair Debt Collection Practices Act (FDCPA), avoid costly mistakes, and tighten your documentation process to protect your organization. Plus, discover modern debt collection techniques, including digital strategies, and how to handle debtor bankruptcies with confidence.
Ideal for accounting professionals, small business owners and anyone responsible for recovering past-due accounts, this course will give you the tools you need to succeed in today’s collections environment.
Course Outcomes
- Increase debt collection success by applying FDCPA guidelines to recover payments
- Avoid costly legal errors by recognizing common mistakes in the debt collection process
- Implement modern omnichannel strategies to collect payments in the digital age
- Effectively manage debtor bankruptcies to safeguard your organization’s interests
- Strengthen documentation processes to prevent legal issues and ensure compliance
- Use legal tools, such as mini-Miranda warnings, to protect against FDCPA violations
Course Agenda
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Debt Collection Law Essentials
Collecting overdue payments can be a challenging and stressful task, but understanding the legal framework can make it easier and more efficient. This course will provide you with the essential knowledge of collections law to help you recover payments quickly and legally.
You’ll learn how to navigate the Fair Debt Collection Practices Act (FDCPA), avoid costly mistakes, and tighten your documentation process to protect your organization. Plus, discover modern debt collection techniques, including digital strategies, and how to handle debtor bankruptcies with confidence.
Ideal for accounting professionals, small business owners and anyone responsible for recovering past-due accounts, this course will give you the tools you need to succeed in today’s collections environment.
Session 1: The Fundamentals of Collections Laws
- Understand key provisions of the Fair Debt Collection Practices Act (FDCPA)
- Identify common legal mistakes that trip up even veteran collectors
- Learn how to locate and legally communicate with debtors
- Discover how digital advancements are changing debt collection
- Get up to speed on FCC rules and CFPB’s Regulation F for debt collection communications
- Describe the Fair Credit Reporting Act issues that can and will affect the way you work
- Recognize easily broken HIPAA regulations that can lead legal trouble
Session 2: Navigating Debtor Bankruptcy
- Recognize the differences between consumer vs commercial bankruptcy
- Understand how Chapter 7, 11 and 13 each impact collections
- Use a step-by-step guide to protect your company’s interests during a bankruptcy
- Quickly and legally address bad checks and post-dated payments
- Learn how to use promissory notes and personal guarantees to recover funds
- Find out who should sign a personal guaranty for a company and who shouldn’t
Session 3: Stepping Up Your Collections Game
- Decide when to escalate collection efforts and how to get tough with debtors
- Evaluate the pros and cons of collection agencies to ensure you're not taken advantage of
- Learn how a simple letter can save you hundreds of dollars in legal fees
- Find out when to get your lawyers involved and what you should expect them to do
- Address legal challenges you’ll face with out-of-town debt collections
Session 4: Protecting Your Company in Court
- Determine if your lawyer is protecting your best interests
- Learn how to establish a collections code of ethics that keeps your organization compliant
- Discover the first steps to take when you find out your company is being sued
- Build a foolproof documentation system to support your legal defense
- Discuss the top three legal defenses to protect your organization during litigation